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what is entry of depreciation in journal

Question Posted / babhu kanchupalli

Answer Posted / babhu kanchupalli

Depreciation is the continuous decrease in the value of an asset.....due to usage,wear and tear,efflux of time.....
It is an expense to the business.....so according to the nominal accont....we should debit it to the respective asset....the is as below......

Depreciation account. Dr
To Respective asset account
(Being depreciation provided)

For accumulated depreciation.....

Depreciation account. Dr
To Accumulated depreciation account
(being depreciation provided(2nd year))

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